BUSINESS
Standard Chartered doesn’t see Rupee cross 84 even if dollar climbs
“The Reserve Bank of India has been protecting rupee from depreciating very sharply,” Parul Mittal Sinha, head of India financial markets at the lender said on Bloomberg TV Friday. The monetary authority has “been following the stated policy of containing volatility in the rupee,” she said.
WORLD
Europe’s richest royal family builds $300 billion finance empire
Today, the finance empire behind Liechtenstein’s Prince Hans-Adam II is flourishing from its main area of expertise: managing money for the world’s super-rich.
BUSINESS
India aiming to monetize $24 billion worth of highways by 2027
With 4,000 kilometers to 4,500 kilometers (2,796.2 miles) of new roads likely to be commissioned annually by the National Highways Authority of India over the next three years, the government can monetize these assets through a Infrastructure Investment Trust or toll-operate-transfer model, CareEdge Ratings said in a note on Thursday.
WORLD
Aramco to enter global LNG with stake in MidOcean energy
Aramco is bringing its financial heft to LNG at a time when global demand for the fuel has surged, particularly in Europe which is replacing reduced pipeline supplies from Russia.
WORLD
Now it’s Bangkok’s fine dining scene that’s luring tourists to Thailand
Tassanakajohn was told he’d be forced to close within months for charging so much for food made with local products. On nearby sidewalks, dishes featuring similar ingredients were available for less than a dollar.
WORLD
Goldman’s Scott Rubner sees deeper stock losses in a ‘no rules market’
With indexes such as the S&P 500 breaking below key thresholds, trend-chasing systematic funds are at risk of being forced to unwind equity holdings.
WORLD
GameStop’s billionaire investor Ryan Cohen takes over as CEO
Ryan Cohen, who was already executive chairman and the company’s largest investor, will start immediately and won’t receive compensation, the company said in a regulatory filing Thursday.
WORLD
Evergrande says billionaire founder is suspected of crimes
Authorities notified Evergrande that Hui has been subject to “mandatory measures,” due to “suspicion of illegal crimes,” according to a company statement to the Hong Kong stock exchange Thursday.
WORLD
Microsoft discussed selling Bing to Apple as Google replacement
Over the years, the companies have discussed other ways to make Bing the preferred option, though Apple ultimately stuck with Google.
BUSINESS
Anil Agarwal’s Vedanta proposes partial cash payment for bonds
Indian tycoon Anil Agarwal’s mining company is seeking to pay back a portion of the dollar bonds maturing in 2024 and 2025 in cash, with the remainder of the principal deferred for three years from the original due date, the people said, asking not to be identified because the discussions are confidential.
MARKETS
FTSE holds off from adding South Korea, India to key bond indexes
“The South Korean market authorities have undertaken, or are in the process of undertaking, several initiatives intended to improve the structure and accessibility of the South Korean capital markets for international investors,” FTSE said in a statement on Thursday.
BUSINESS
Nestle Says Global Food and Beverage Market Has Been Shrinking
“People are consuming less, or they’re eating less or they’re wasting less or they’re eating more out of home,” outgoing Chief Financial Officer Francois-Xavier Roger said during a Bernstein conference Thursday. “It’s difficult to know. I don’t think it will last.”
WORLD
Google, Meta and Apple set to win US approval for virtual reality devices
The very low power gadgets would be allowed to tap airwaves used by Wi-Fi-enabled devices under a proposal announced Wednesday by Federal Communications Commission Chairwoman Jessica Rosenworcel.
BUSINESS
India investors are buying dividend stocks as rally stalls
The NSE Nifty Dividend Opportunities 50 Index has rallied 22% this year while the NSE Nifty 50 Index advanced a tad below 9%, putting the gap between the two measures near a reading in 2010.
WORLD
Crypto exchange Kraken plans to offer trading in US-listed stocks
Kraken will initially offer trading in the United States and the United Kingdom through a service built by a new division called Kraken Securities, and is targeting to launch the service in 2024, the report said.
WORLD
Emerging currencies slump, on brink of erasing 2023 gains
The Brazilian real was among the biggest decliners of the day on Wednesday, set for its longest losing streak in more than two years.
BUSINESS
Oil hits $95 a barrel on shrinking stockpiles at vital US hub
The US benchmark popped above the threshold after jumping 3.6% on Wednesday, its biggest gain since early May. Inventories at Cushing, Oklahoma — the delivery point for the US benchmark — dropped just below 22 million barrels, the lowest since July 2022 and close to operational minimums.
BUSINESS
Vedanta is preparing to de-merge sprawling operations
The company has informed its lenders of the restructuring and could announce the plans in the coming days, according to the people.
BUSINESS
India will sell 50-year bonds for the first time
India will sell 50-year bonds for the first time, introducing ultra-long maturity debt to cater to the growing demand from insurance and pension funds.
BANKS
DBS India Managing Director for Institutional Bank said to quit
Veteran banker Sandeep Chopra, has resigned as a managing director at DBS Group Holdings Ltd.’s India unit, according to people familiar with the matter.
BUSINESS
Binance exits Russia with sale to just-launched exchange
Binance said it exited its Russia business by selling it to CommEX, a crypto exchange that says it officially launched on Tuesday.
WORLD
US Government Shutdown’s Economic Risks Grow the Longer It Lasts
Federal contractors ranging from Elon Musk’s SpaceX to janitorial service providers for local federal buildings are bracing for up to $1.9 billion a day in lost and delayed revenue as funding lapses Oct. 1.
WORLD
The newest addition to the office wardrobe? serious athletic sneakers
Their next move was a running sneaker line, and the fashion world took notice. “Our first retailer for men’s sneakers was Saks Fifth Avenue, and right away we became the two top-selling shoes there,” Ryan says.
INDIA
Why retiring in India no longer requires living with the kids
Indian culture places paramount importance on respect for elders, with multigenerational households the norm.
